Finance Minister Nirmala Sitharaman presented her seventh consecutive Union Budget 2024-25 today (on July 23) during the Budget Session of Parliament. Notably, Sitharaman makes history as the first finance minister to present seven consecutive Budget speeches. She now surpasses former Prime Minister Morarji Desai’s record of six consecutive budgets as finance minister between 1959-64. Notably, this is also the first complete financial budget of the Prime Minister Narendra Modi-led National Democratic Alliance (NDA) government in its third consecutive term.
The Budget is an annual financial statement from the centre which outlines its proposed expenditures and revenues for the upcoming fiscal (FY25) — from April 1, 2024 to March 31, 2025. It outlines the government’s achievements of the past financial year and outlines goals and allocations for the financial year ahead. It aims to meet requirements for policies, allocations and plans for the financial year ahead
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Focus on job creation and boosting consumption, potentially benefiting consumer goods, real estate, and auto sectors.
Gold Rate
Saturday18 Jan. 2025
Nine Priority Areas: Agriculture, Employment, Inclusive Development, Manufacturing and Services, Urban Development, Energy, Infrastructure, Innovation and R&D, and Next Generation Reforms.
Women-Led Development: Over ₹3 lakh crore allocated for schemes benefiting women and girls.
Social Welfare: Extension of PMGKAY (Pradhan Mantri Garib Kalyan Anna Yojana) for five years, benefiting over 80 crore people
Digital and Technological Advancements: Development of Digital Public Infrastructure (DPI) applications for credit, e-commerce, law and justice, and corporate governance.
The NCLT is currently overwhelmed with numerous IBC cases, causing delays in corporate M&A actions and leading to operational inefficiencies. The introduction of an integrated platform for IBC, along with additional tribunals, will ensure a faster recovery process and timely corporate actions, benefiting all stakeholders involved.
The logistics and supply chain sector is vital to India’s growth story. The government’s initiative to set up e-commerce export hubs to aid MSMEs in exporting local products is seen as a significant move to drive growth through innovation.
Further support for the Pradhanmantri Aawas Yojna is expected to reduce housing shortages and generate employment. Additionally, lower stamp duties will reduce the cost of property acquisition, benefiting potential homeowners
The announcement of 12 new industrial parks under the National Industrial Corridor, focusing on creating integrated zones, is expected to significantly increase the supply of Grade A industrial spaces. This initiative will also help boost the proportion of organized, superior quality stock within the industrial segment
TDS on payments to partners of a firm! A new section
Telecom Equipment’s made Costly as well as Plastics goods.
Focus on Andhra and Bihar is understandable to save the government with huge sum of the budget. But no mention of Maharashtra even though it is the highest contributor to the Tax kitty.
As always there are some Positives and some Negative, You miss some you hit some. Hence overall I give 7 out of 10.
